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Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
 Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) and end-users signal an increase in power trading tariffs, reflecting the gencos' intention to recoup profit amid elevated coal prices and increased participation in market trading by commercial and industrial (C&I) customers, says Fitch Ratings.
Some Chinese power gencos enter into the next year's annual market trading contracts with end-users - mainly C&I customers - at the end of the current year. The bilateral contracts account for most of their annual trading volume and set the tariff agreed upon between both parties.
Jiangsu province's 2022 power market trading volume in these bilateral contracts will rise by 9.7% from a year earlier with the average trading tariff for coal-fired power at CNY466.78/MWh, higher than the local benchmark coal-fired tariff by 19.36% and almost reaching the price ceiling of CNY469.2/MWh. Guangdong province's annual electricity to be sold under the bilateral negotiated trading mechanism in 2022 will rise by 21.1% from a year earlier, and its average selling price will exceed its benchmark tariff by 7.35%, in stark contrast to 2021 when the annual traded power was sold at a discount of 11.56% to the benchmark tariff.
The 2022 annual power trading prices in south Hebei, Shaanxi and Hainan provinces will also approach the upper limit of 20% above their provincial benchmark tariffs.
The higher nationwide market trading tariff in 2022 follows a coal price rally in 2021, which significantly squeezed gencos' profit margins. The Qinhuangdao 5,500kcal/kg benchmark thermal coal price fell to CNY945 per tonne on 18 January 2022 after government intervention, from more than CNY1,300/tonne on average in 4Q21, but prices are still much higher than in 2019 and 2020. Fitch expects provinces that experienced severe power shortages in 2021 to set higher market trading tariffs in 2022, as price hikes are more acceptable by most end-users than blackouts.
The Chinese power trading market has also expanded, as all C&I users are now required to participate, implying higher tariffs as a fixed retail tariff is no longer an option for them. The local power grid can serve as their power purchasing agent in the transitional period, but the tariff it offers tends to be more volatile and sometimes higher than that of long-term contracted power from gencos.
Renewable power trading prices agreed upon between gencos and users in bilateral contracts for 2022 in eastern China will also increase. The average trading price of renewable power in Jiangsu province will be CNY72/MWh, or 8.38%, higher than the coal-fired benchmark tariff, while the average price of green power in Guangdong province will be higher by CNY61/MWh, much wider than the CNY30/MWh-CNY50/MWh premium to the coal-fired benchmark tariff in September 2021 when China's pilot scheme for green power trading started.
Fitch expects the premium of renewable power trading prices to rise further in eastern China, where curtailment risk is low due to strong market demand for electricity. The premium over coal-fired tariff is supported by high demand for renewable power from state-owned users, which are now evaluated by their government parents on their performance in achieving carbon-neutrality goals.
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Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
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- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
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